VMWare Surges 11% After Earnings Report (VMW)

Cloud computing leader VMWare VMW released its Q1 earnings results on Tuesday after the closing bell. The company reported adjusted net income of $125.8 million or $0.29 per share, compared to $78.4 million or $0.19 per share, in the year ago period. On an adjusted basis, net income was $204 million or $0.48 per share, compared to $133 million or $0.32 per share, in Q1 2009. This beat analysts' consensus EPS estimates of $0.42. Revenues for the quarter were up 33% to $843.7 million versus $633.5 million in the prior year period. This also exceeded Street consensus of $815.4 million. Looking ahead, VMW sees Q2 revenues in a range between $3.55 billion to $3.65 billion. Full year revenues are expected to be between $3.55 billion and $3.65 billion. This compares to current Street revenue estimates for Q2 of $845.1 million and $3.52 billion in full year revenues. In the after hours trading session, VMWare (VMW) has surged 11.40% to $95.77.